Paragraph 11 Revision to the statement of proposals (Objective A not yet achieved)

This paragraph applies where—

The administrator shall agree the revised statement with the Bank of England and, where F1a regulator has given a direction and it has not been withdrawn, with F2that regulator.

Paragraph 8(2) to (6) shall apply where the administrator is unable to agree a statement with the Bank of England or (as the case may be) with F3FCA or, where relevant, the PRA.

Once the revision has been approved by the Bank of England (and, as the case may be, with FCA or, where relevant, the PRA) or, if the court has made an order dispensing with the need for those approvals, paragraph 54(2) to (5)(a) of Schedule B1 applies in respect of the revised statement save that—

and where sub-paragraph (b) applies, the party not affected must be informed of the proposed revision in a manner prescribed.

In sub-paragraph (2) of paragraph 54, where F4neither regulator has given a direction under regulation 16, the F5FCA and, where the investment bank concerned is a PRA-authorised person, the PRA shall be sent a copy of the statement of the proposed revision and invited to appoint a representative to attend the creditors' meeting.

The FSCS shall be sent a copy of the statement of the proposed revision.

If the meeting of creditors is unable to approve the statement, the administrator may apply to court for an order dispensing with the need for the approval of the meeting of creditors, and paragraph 14 applies.

Where the administrator makes an application under sub-paragraph (7), sub-paragraphs (6) and (7) of paragraph 54 shall apply.

In this paragraph a reference to paragraph 54 of Schedule B1 is a reference to that paragraph as applied by regulation 15.